万联证券：万联晨会-20241114

Core Views - The overall performance of the electric power equipment industry has improved in the third quarter of 2024, with differentiated performance across sub-sectors. The distribution equipment sector has shown relatively good performance, while the transmission and transformation equipment sector has seen a quarter-on-quarter improvement in performance [8][9][10]. - The lithium battery supply chain has shown marginal improvement in performance, with stable profit growth in the battery segment due to a recovery in downstream demand and stabilization of lithium carbonate prices [11][12]. Market Review - As of the close on Wednesday, the three major A-share indices rose collectively, with the Shanghai Composite Index up by 0.51%, the Shenzhen Component Index up by 0.4%, and the ChiNext Index up by 1.11%. The total trading volume in the Shanghai and Shenzhen markets reached 2,008.871 billion yuan [3][6]. - In the Shenwan industry sector, media, communication, and electric power equipment led the gains, while beauty care, pharmaceuticals, and real estate lagged behind. Concept sectors such as Pinduoduo, new stocks, and Kuaishou led the gains, while NMN, CRO, and avian influenza concepts fell [3][6]. Important News - The Ministry of Finance and other departments have released several new tax incentives for the real estate market, including a 1% deed tax rate for the purchase of the only and second homes under 140 square meters in major cities [8]. - The U.S. Consumer Price Index (CPI) rose by 2.6% year-on-year in October, marking the first acceleration since March, in line with market expectations [8]. Investment Highlights - For the electric power equipment industry, the overall revenue for the first three quarters of 2024 reached 551.429 billion yuan, a year-on-year increase of 7.01%, while net profit attributable to shareholders decreased by 10.37% to 31.602 billion yuan [9][10]. - In the third quarter of 2024, the electric power equipment industry achieved a total revenue of 198.444 billion yuan, with a year-on-year growth and a quarter-on-quarter increase of 8.53% [9][10]. - The transmission and transformation equipment sector saw revenue of 540.19 billion yuan in Q3 2024, with a year-on-year increase of 4.91% [10]. - The distribution equipment sector reported revenue of 338.86 billion yuan in Q3 2024, with a year-on-year increase of 12.59% and a net profit growth of 24.31% [10]. - The lithium battery supply chain's total revenue for the first three quarters of 2024 was 547.866 billion yuan, a year-on-year decrease of 16.19%, while the overall gross margin was 21.03% [11][12].